Dogecoin gave back some of its recent gains, falling below $0.1220 against the US Dollar. While it is currently holding support at $0.120, it could drop further. The price began a downward correction after failing to break past $0.1275. It is now trading below $0.1225 and the 100-hour simple moving average. On the hourly chart, the DOGE/USD pair also broke below a bullish trend line that had been providing support at $0.1245. For the price to attempt another rise, it needs to stay firmly above $0.1200.
After being unable to clear the $0.1275 resistance, Dogecoin started to correct lower, similar to Bitcoin and Ethereum. The decline pushed it below $0.1250 and $0.1245, moving past the 50% Fibonacci retracement level of the recent rise from the $0.1175 low to the $0.1275 high. The break of the $0.1245 trend line support further confirmed the pullback.
Dogecoin is now trading below $0.1225 and the 100-hour simple moving average. Immediate resistance sits around $0.1235, with the first major hurdle near $0.1250. The next key resistance is at $0.1275. A sustained close above $0.1275 could open the door for a move toward $0.1350, with further gains potentially targeting $0.1380 and then $0.1420.
If Dogecoin fails to climb above $0.1250, it could extend its decline. Initial support is near $0.120, which aligns with the 76.4% Fibonacci retracement level of the earlier upward move. The next major support is around $0.1192, followed by a key floor at $0.1150. A break below $0.1150 could lead to further losses, possibly toward $0.1080 or even $0.1050 in the near term.
Technical Indicators:
– Hourly MACD: Gaining momentum in bearish territory.
– Hourly RSI: Below the 50 level.
– Major Support Levels: $0.1200 and $0.1150.
– Major Resistance Levels: $0.1250 and $0.1275.
Frequently Asked Questions
Frequently Asked Questions About Dogecoin Dips Bearish Pressure
Beginner Questions
What does it mean when Dogecoin is dipping
A dip simply means the price of Dogecoin is going down over a short period Its a common term for a price drop
What is bearish pressure in crypto
Bearish pressure describes a market trend where selling sentiment is strong pushing prices lower People expect prices to fall further so they sell or avoid buying
Is a Dogecoin dip normal
Yes price dips and volatility are completely normal in the cryptocurrency market All assets including Dogecoin go through cycles of ups and downs
Should I panic and sell my DOGE during a dip
Panic selling is rarely a good strategy It often leads to selling at a loss Its better to assess why the dip is happening and review your longterm investment plan
How long do these dips usually last
Theres no set timeframe A dip can last hours days or even weeks depending on market conditions and the reasons behind the decline
Intermediate Questions
What typically causes Dogecoin to dip
Common causes include broader crypto market downturns negative Bitcoin price action profittaking by large holders negative news or tweets or reduced overall investor confidence in riskier assets
Whats the difference between a dip and a crash
A dip is a moderate or temporary decline A crash is a sudden severe and sustained drop in price A dip can turn into a crash but not all dips are crashes
What does buy the dip mean
Its a strategy where investors buy more of an asset when its price is lower with the hope that it will rise again later increasing their profits
Is buying the dip always a good idea for Dogecoin
Not always It can be risky if the dip turns into a longerterm downtrend Its important to do your research and not invest money you cant afford to lose
Where can I safely track Dogecoins price and trends
Use reputable tracking websites and apps like CoinGecko Coin